US Companies Shed Jobs in Late October, Weekly ADP Data Show
US companies shed 11,250 jobs per week on average in the four weeks ended Oct. 25, according to data released Tuesday by ADP Research.
The figures suggest the labor market slowed in the second half of October, compared with earlier in the month. ADP’s most recent monthly report, released last week, showed private-sector payrolls increased 42,000 in October after declining in the prior two months.
The figures come after an array of companies flagged plans to reduce headcount in recent weeks. A report from outplacement firm Challenger, Gray & Christmas Inc. showed employers announced the most job cuts for any October in more than two decades, spurring anxiety about the health of the labor market.
The longest government shutdown in US history has delayed the release of key economic statistics, including the jobs reports for September and October. Investors have been looking to other metrics, like ADP, to fill the gaps. ADP announced last month that it will now also be releasing a four-week moving average of the change in total private employment.
Source : Bloomberg.com
